We’ll save Nigeria from recession – CBN

The Central Bank of Nigeria (CBN) has vowed to do all it takes to sustain efforts at steering the Nigerian economy away from the looming recession triggered by COVID-19.

The apex bank said it will not be deterred despite move by selfish Nigerians working against the progressive interest of the bank.

Isaac Okoroafor, the Director, Corporate Communications, said this on Wednesday in Abuja in a chat with reporters.

Okorafor also said the CBN has uncovered “sinister plans by some persons with selfish interests in Nigeria’s economic and socio-political space to distract the CBN and discredit the institution through deliberate misinformation, complete fabrications and outright lies”.

The bank vowed to continue to strive to ensure accretion to the external reserves to safeguard the international value of the Naira, in addition to ensuring no individual or institution circumvents the system.

CBN noted that the Naira, in the past three years, has remained stable against other world currencies, due largely to strict measures put in place by the CBN to check cases of round-tripping.

The statement said the bank, working with other relevant agencies of government, had curtailed the activities of economic saboteurs neck-deep in smuggling and other economic crimes.

“CBN has remained resolute to the dictates of its enabling Act and would not be distracted by subjective criticisms from persons who do not mean well for the general good of the Nigerian people and the economy,” he stressed.

Okorafor said persons with vested interest in the economy of the country and its socio-political landscape were misinforming unsuspecting members of the public.

“The CBN remains committed to transparently pursue its mandate in the interest of majority of Nigerians rather than for the selfish interest of a few,” he added.